Revisiting the Era of Functional Foods: A $235B Opportunity
Last September, we took a look at the emerging era of functional foods. Now, nearly a year later, the world has changed in unexpected ways. What has this meant for the functional food & beverage space, valued at $235B?
Functional foods are still very much top-of-mind for consumers. People want more from their food than to just feel full; everything from gut health to anxiety treatment to stress relief are on the table. Recipes that address functional needs are used 1.5x more by home cooks than those that do not: it’s no wonder, then, that 50% of all conversations about food today mention the functional benefits of ingredients or dishes.
Read on for 3 bite-sized insights from our latest report on functional foods, and download the full report to understand how your brand can successfully plug into the trend.
- Today, there is a 54% gap between supply and demand of functional food recipes for at-home cooks; people want functional benefits while cooking for themselves at home, and the current landscape falls short in meeting their needs.
- COVID-19 has increased consumer awareness of medicinal foods; 2020’s mainstream consumer consciousness is more likely to turn to eastern medicine (ex. ayurvedic) ingredients for a health boost than previous years.
- Consumers want immediate relief – and are abandoning longer-term, goal-oriented motivations for eating functional foods. Internal health functions like ‘comfort’ (up +74% YoY among consumers) are steadily growing in popularity, while lifestyle goals like weight loss and fitness are losing steam.
With the right data-driven consumer insights, CPG and food service brands can address these consumers’ needs during a particularly stressful time. How can you best show up for your customers? Download the report to learn more.